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Monday, 23 November 2009 21:10 UAE time

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Emirates NBD to begin trading after Eid Al-Fitr

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 19 September 2007

Shares of Emirates NBD, which will combine Emirates Bank International (EBI) and National Bank of Dubai (NBD), will start trading on the first trading day after an Islamic holiday next month.

The stock would be listed on the first trading day after the deal creating the Gulf Arab region's biggest bank by assets closes on October 14, the banks said in a statement.

Gulf Arab stock markets close for the Muslim feast of Eid Al-Fitr, which marks the end of the holy month of Ramadan.

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The month of fasting, which began on September 13, lasts about 30 days depending on the sighting of the new moon, and should end around October 13.

Shareholders of Emirates Bank and NBD this month approved the Dubai-government brokered deal to create a bank that will compete more effectively with regional and international lenders.

Shareholders owning 96.15% of Emirates Bank and 90.17% of NBD have accepted the offer.

Dubai-listed shares of both lenders will be suspended from trading on the Dubai bourse on October 7.

Each share of NBD will be exchanged for 0.95 shares in Emirates NBD. Emirates Bank shareholders will get one share in the new lender for each share they own.

The Dubai government will own 56% of Emirates NBD.

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